(Repeat for additional subscribers)
June 6 (The following statement was released by the rating agency)
Fitch Ratings has assigned Turkey's Is Faktoring A.S.
(Is Faktoring) Long-term foreign and local currency Issuer Default Ratings (IDR)
of 'BBB', Short-term foreign and local currency IDRs of 'F3', a National
Long-term rating of 'AAA(tur)' and a Support rating of '2'. The Outlook on all
Long-term ratings is Stable.
KEY RATING DRIVERS
Is Faktoring ratings are equalised with those of its parent Turkiye Is Bankasi
A.S (Isbank: BBB/Stable), reflecting Fitch's view of Is Faktoring's importance
as a core subsidiary to the parent.
Is Faktoring uses its parent branding and bank branch networks to distribute
products. Board members are drawn from the bank, as are many senior executives.
Credit monitoring systems are aligned with those at the parent bank and several
other risk systems are shared.
Is Faktoring is wholly owned by the Isbank Group through Is Finansal Kiralama
A.S. (Is Leasing: BBB/Stable) and Turkiye Sinai Kalkinma Bankasi A.S.
(TSKB: BBB-/Stable). At end-2013, the top 25 exposures were equivalent to a high
proportion (76%) of total lending and were all parent bank clients. At end-3Q13,
Is Faktoring was the fourth-largest factoring company in the sector, with a 5.5%
Is Faktoring's ratings are sensitive to changes in Isbank's IDRs.